Macroecon vlog 3: long run economic growth
Автор: Diana Zhumabayeva
Загружено: 2026-01-13
Просмотров: 8
Описание:
This chapter explains why long-run economic growth is the most important factor for a country’s standard of living. Using the Solow growth model, it shows that saving and investment increase income levels, but technological progress is the main source of long-run growth. Real-world examples, such as South Korea’s development, demonstrate how capital accumulation and innovation work together. The chapter also introduces concepts like conditional convergence and the Golden Rule of capital, highlighting the role of institutions, saving, and innovation in promoting sustainable economic growth.
References:
Macroeconomics, N.Gregory Mankiw, 9th edition, chapter 9
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